Floki price is on the verge of a breakout ahead of MONKY airdrop

Floki price rose for the second consecutive day as cryptocurrencies rebounded and traders awaited the upcoming Wise Monkey airdrop.

Floki (FLOKI), one of the crypto world’s leading meme coins, traded at $0.000248, up nearly 22% from this week’s low.

This improvement comes after developers shared additional details about the Wise Monkey airdrop. FLOKI holders will receive approximately 27% of all MONKY tokens by December 20. An additional 4% of MONKY tokens will be airdropped to TokenFi holders, while the other 4% will reward users of Floki Bot investors.

IMPORTANT UPDATE ABOUT THE WISE MONKEY / $MONKY TOKEN

As mentioned earlier, Wise Monkey allocated 35% of the total $MONKY Airdrop supply to the Floki Ecosystem according to the following breakdown:

– 27% of MONKY will be distributed over the air to FLOKI holders and stakers.
– 4%… pic.twitter.com/HTyGBfE1qo

— FLOKI (@RealFlokiInu) December 12, 2024

This distribution is expected to benefit Floki investors, as Wise Monkey is considered one of the most anticipated crypto projects. According to CoinMarketCap, MONKY has achieved a market cap of over $263 million.

Floki price has also risen ahead of the upcoming Valhalla mainnet launch. The launch, planned to take place in December, was postponed to the first quarter of 2025.

Developers stated that the delay will give auditors a chance to verify the smart contract to prevent vulnerabilities.

Meanwhile, Floki’s token burning initiative continued, reducing the circulating supply. Data from CryptoEye shows that the network has burned more than 5.7 trillion tokens in the last three months, and this trend is expected to continue.

Floki price shows an upward trend Floki price chart | Source: crypto.news

The daily chart shows that Floki has been in a consolidation phase for the last few weeks, forming a bullish flag formation characterized by a long vertical line followed by a rectangle pattern.

The price has moved above the 50-day and 100-day Exponential Moving Averages and is trading between the 38.2% and 23.6% Fibonacci retracement levels.

Additionally, Floki’s price movement shows that a cup-handle formation has formed. If this trend continues, the price could stage a strong recovery and potentially reach a new year-to-date high at $0.0003480, representing a 42% increase from the current level.

The stop loss for this trade is positioned at $0.0002100 at the 50-day EMA. A drop below this level could signal further downside.